About

History

Cymat Corp. Management 1995 to 2002

Paul Ramsay and Richard Rusiniak are co-founders of Algae Dynamics. Prior to starting Algae Dynamics, they co-founded Cymat Corp. and built its value to over $150 million before they resigned to pursue other interests. Below you will see the history of Cymat's development.

Paul Ramsay, CEO & Richard Rusiniak, President

Under the management of Paul Ramsay and Richard Rusiniak the company spent just over $3 million to purchase and commercialize the aluminum foam production process.

July 1995

Cymat Aluminum enters two agreements with Alcan granting licenses to make, use and sell Stabilized Aluminum Foam in North America

February 1997

Technology Partnerships of Canada announces funding approval of up to $3.4 million for development of Aluminum Foam

Cymat joint The Ultralight Metals Study Program consortium,-funded by The Defense Advanced Research Projects Agency and the Office of Naval Research - Report formulating data for potential defense applications

November 1998

Cymat Corp. files prospectus, having raised $2.5 million in (IPO) Initial Public Offering

Sources of funding:

1999

$2,460,000 raised in the issuance of share capital through a prospectus offering, $251,432 in repayable contributions received from Technology Partnership Canada, and $463,600 in loans from banks and third parties

Total funding 1999 to commercialize

$3,175,032

Operating Expenses

Revenue

1997

$271,671

$742,190

1998

$661,317

$2,128,281

1999

$1,209,393

$1,111,221

New CEO, President and CFO

2000

Appointed new Chief Executive Officer and new Chief Financial Officer

2000

Paul Ramsay steps down and becomes VP business development and Richard Rusiniak steps down and becomes VP technology.

2001

Cymat Corp. completed a $17.25 million financing and listed its shares on Canada's senior stock exchange, the Toronto Stock Exchange under the symbol "CYM

2002

Paul Ramsay and Richard Rusiniak resign as officers and directors Cymat's value was over $150 million